XRP Surpasses the Market Capitalization of Solana and USDT
XRP – the cryptocurrency backed by Ripple Labs – has surpassed Solana (SOL) and Tether (USDT) in just one day to become the third-largest cryptocurrency by market capitalization. The large-cap altcoin has surged more than 30% in the past 24 hours, trading at around $2.40 on December 2.
XRP, a utility-based altcoin, boasts a market capitalization of around $140 billion and a fully diluted value of over $240 billion. Its average daily trading volume has also increased by 45%, reaching around $23 billion.
Why is XRP so bullish?
XRP has benefited greatly from the election of pro-crypto leaders in the United States, led by President-elect Donald Trump. The long-standing legal hurdles related to the charges from the US Securities and Exchange Commission (SEC) are likely to be cleared once the new SEC chairman is officially appointed early next year.
XRP’s remarkable rally in the past 24 hours was also fueled by a surge in short liquidations. According to data from Coinglass, XRP’s derivatives market has recorded more than $50 million in liquidations in the past 24 hours, of which more than $36 million were short orders. As a result, the possibility of a “short squeeze” has added to the bullish outlook for XRP in recent times.
